Transcript
Page 1: Presentation to Investors - Vossloh · Presentation to Investors February 2014. 2 NB: The presentation contains forward-looking statements that are based on current estimates and

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Presentation to InvestorsFebruary 2014

Page 2: Presentation to Investors - Vossloh · Presentation to Investors February 2014. 2 NB: The presentation contains forward-looking statements that are based on current estimates and

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NB: The presentation contains forward-looking statements that are based on current estimates and assumptions made by the management of Vossloh to the best of its knowledge. Such forward-looking statements are subject to risks and uncertainties, the nonoccurrence or occurrence of which could cause a material difference in future results, including changes in political, business, economic and competitive conditions, regulatory reforms, effects of future judicial decisions, foreign exchange rate fluctuations and the availability of financing. Neither Vossloh nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arisingfrom any use of this presentation or its content or otherwise arising in connection with this document. Vossloh does not undertake any responsibility to update the forward-looking statements contained in this presentation.

The information provided in this presentation does not represent an offer or invitation for the purchase of the stock of Vossloh AG or other companies, nor should it be considered as a call to purchase or otherwise trade stocks directly or indirectly.

Disclaimer

Page 3: Presentation to Investors - Vossloh · Presentation to Investors February 2014. 2 NB: The presentation contains forward-looking statements that are based on current estimates and

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Fastening SystemsSales 2012: €291.4 million

Sales 2013e: ~€370 million

Switch SystemsSales 2012: €451.3 million

Sales 2013e: ~€460 million

Rail ServicesSales 2012: €54.6 million

Sales 2013e: ~€60 million

Transportation SystemsVossloh LocomotivesSales 2012: €119.2 million

Sales 2013e: ~€110 million

Vossloh Rail VehiclesSales 2012: €174.6 million

Sales 2013e: ~€150 million

Electrical SystemsSales 2012: €166.8 million

Sales 2013e: ~€165 million

Vossloh GroupRail technology specialist with leading market positions

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▬ A worldwide market leader in rail fastening systems

▬ Products used in over 65 countries

▬ Elastic rail fastening systems, screwed, bolted and maintenance-free, for ballast and ballastless tracks (high-speed), for mainline & conventional lines, heavy-haul tracks and urban rail haulage (LRT)

▬ More than 120 years of experience

▬ Production sites in Germany, China, Turkey, and, from 2014 on, in the US

▬ Share of sales outside Europe (2013e) approx. 66%

▬ Major share of sales (2013e) in China, Kazakhstan, Germany, Korea, Turkey

Vossloh GroupVossloh Fastening Systems

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▬ A worldwide leader in switch and crossing systems

▬ 34 production locations in 19 countries

▬ Standard, high-speed and specialty (heavy-haul) switches to all international standards

▬ Signaling components, switch actuators, locking devices and monitoring systems

▬ More than a century of experience

▬ Share of sales outside Europe (2013e) > 40%

▬ Major share of sales (2013e) in France, US, Sweden, Australia, UK, Norway, Netherlands, Poland

Vossloh GroupVossloh Switch Systems

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▬ Since 2010 part of the Vossloh group

▬ Semi-stationary and stationary rail welding, rail logistics, rail testing, rail milling, rail grinding, especially high-speed grinding, shipment of long rail, loading and unloading systems

▬ Customers: rail producers and rail operators (e.g. Deutsche Bahn)

▬ A leader in the German market for comprehensive rail servicing and logistics

▬ More than 60 years of experience

▬ Share of sales outside Europe (2013e) < 5%

▬ Major share of sales (2013e) in Germany; high-speed grinding with sales in Germany, Denmark, Sweden and China

Vossloh GroupVossloh Rail Services

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▬ A leader in the European market for ultramodern diesel-hydraulic and diesel-electric locomotives for shunting and mainline applications

▬ Locomotives from 400 to 2700 kW that regularly set new standards in their respective fields

▬ One-stop provider of development, construction, production and excellent support services within Europe (maintenance, repair and refurbishment of locomotives).

▬ Provision of ecologically compatible technologies based on a modular platform concept

▬ Locomotives homologated for a wide range of European countries to permit flexible cross-border operation

▬ More than 90 years of experience

▬ Sales so far almost entirely in Europe

▬ Major share of sales (2013e) in Germany and France

Vossloh GroupTransportation Systems, Vossloh Locomotives

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▬ Europe’s leading manufacturer of diesel-electric locomotives

▬ Metro and LRV systems

▬ Manufacturer of Europe’s most powerful diesel-electric locomotive, the EURO 4000

▬ Provision of maintenance services for locomotives and locomotive bogies

▬ More than a century of experience

▬ Important orders from South Africa, North America, Brazil, UK, France and Germany

▬ Share of sales outside Europe (2013e) > 25%

▬ Major share of sales (2013e) in Spain, France, Israel, UK, Germany

Vossloh GroupTransportation Systems, Vossloh Rail Vehicles

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▬ Vossloh Kiepe supplies innovative electrical systems for road and rail vehicles in main-line and urban transport

▬ The product range includes integrated systems for new vehicles, vehicle overhaul work, turnkey projects, components, and a wide range of services

▬ More than 100 years of experience—worldwide

▬ Tailor-made and sustainable solutions meeting high quality standards, which are being designed and implemented with special focus on economic and ecological efficiency

▬ Share of sales outside Europe (2013e) approx. 5%

▬ Major share of sales (2013e) in Germany, UK, Austria, Switzerland, US

Vossloh GroupVossloh Electrical Systems

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▬ Varied selection of green, innovative products for rail and bus transport, e.g. zero-emission electric buses minimize noise and CO2 emissions

▬ First steps in introducing an energy management system at Vossloh Fastening Systems in 2013

▬ Installation of a system for heat recuperation at the production facilities of the Technology Center inaugurated in 2011 and the furnace shop built at Werdohl in 2012, at the Turkish production locations in 2013, and at the Technology Center inaugurated at Reichshoffen in 2013

▬ An Environmental Protection Management System planned for Vossloh Rail Services by 2015

Vossloh GroupCSR at Vossloh

▬ Code of Conduct (since 2007) governing how employees act and behave within the Group

▬ Zero-tolerance principle in the event of any infringements of the Code

▬ Groupwide Compliance Guide to ensure conformity with legal and ethical requirements

▬ A compliance organization ensures that the principles of conduct and the guideline are firmly in place throughout the Group, e.g. by many presence courses throughout the world and the rollout of e-learning programs for all Vossloh employees

▬ Broad range of inhouse and external courses for Vossloh employees, e.g. Vossloh Academy, the We lead Vossloh program set up in 2009

▬ Work Safety Committee (WSC) set up at group level in 2012, occupational safety committees set up at business unit level, adoption of group-wide and binding occupational health & safety policies in 2013, uppermost target: zero-accident strategy

▬ Co-operations of Vossloh Group and its subsidiaries with schools and universities

▬ Since 1995, supporting university research projects through the Karl Vossloh Foundation; every other year the Karl Vossloh Prize awarded for outstanding efforts in researching rail-bound mobility

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▬ Since 2011, successive introduction of the WissIntra Quality Management System at Vossloh Fastening Systems. Its mission: identify and examine all activities, procedures, and processes.

▬ First-time product certification for the diesel locomotives, DE 12/18, G 12/18 and G 6 according to TSI Rolling Stock Noise in 2013; the G12 und G18 locomotives were for the first time certified according to TSI Safety in Railway Tunnels and Noise and Passenger Rolling Stock and the DE 12 und DE 18 according to TSI Safety in Railway Tunnels

Vossloh Group CSR at Vossloh

▬ Since 2008, Vossloh has been listed in several sustainability rankings and belongs to the investment universe of Sarasin, oekom research and Kempen/SNS SRI

▬ For seven years Vossloh has been participating in the Carbon Disclosure Project (CDP)

▬ In 2014, Vossloh is once again taking part in the vigeo rating

DIN ISO 9001

DIN EN ISO 14001

OHSAS 18001

ILO OHS 2001

DIN EN 15085-2

All of the Vossloh Group‘s key locations

All of the Vossloh Group‘s large locationsAlready 37 locations of the Vossloh Group worldwide, most at Vossloh Switch Systems, Vossloh Rail Services, and Vossloh Electrical Systems; the plan is for around 79% of all Vossloh employees to be working in OHSAS 18001 certified companies by March 2014.Vossloh Cogifer‘s Fère-en-Tardenois plant

Vossloh Kiepe Düsseldorf, Vossloh Kiepe Main Line, APS, Vossloh Locomotives

Standard / Norm Locations already certified

IRIS Vossloh Kiepe Austria, Vossloh Rail Vehicles, Kiepe Main Line

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Vossloh Group, 9 months 2013Sales growth remaining high, EBIT largely below year earlier due to one-off burdens

▬ Rail Infrastructure division’s sales boosted by international growth at Vossloh Fastening Systems

▬ Transportation division’s sales shrinking on account of project execution delays

▬ EBIT margin and ROCE depressed year-on-year due to Transportation’s EBIT drop

▬ Clearly higher tax load ratio additionally weights on group earnings

▬ Litigation in connection with the claim for damages settled finally

1–9/2012 1–9/2013 ∆ in %

Sales (€ million) 891.5 971.6 +9.0

EBIT (€ million) 61.1 34.4 -43.7

EBIT margin (%) 6.9 3.5 –

Group earnings (€ million) 31.4 4.3 -86.3

ROCE (%)* 9.7* [10.0] 5.1 –

Value added (€ million)* (2.1)* [(0.3)] (22.8) –

Earnings per share (€) 2.62 0.36 -86.3

Average headcount 5,053 5,301 +4.9* Since fiscal 2013, certain obligations to employees (vacation not yet taken; profit-share/bonus payments; employee flexitime accounts; termination benefits or indemnities) are according

to IAS 37 no longer accrued but recognized as other liabilities. For interperiod comparability, the resulting effects on working capital, capital employed, ROCE and value added have been reflected in the year-earlier comparatives.

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▬ Sales rising in Europe, mainly in Germany, France, UK, and Austria, but declining in Northern and Southern Europe, stable sales level in Eastern Europe

▬ Sales boosted in Asia year-on-year thanks to buoyant business in China and higher revenue in Kazakhstan

▬ At 38.6%, share of non-European sales continuing to climb (up from 35.2%)

Vossloh Group, 9 months 2013Sales in Asia boosted to €242.1 million; Europe, Africa and Australia with sales growth

FranceGermany Other W. Europe

N. Europe S. Europe Eastern Europe

Sales trend in Europe (€ million)Sales trend worldwide (€ million)

AsiaAmericasEurope

Africa Australia

577892

972597

(+34.2%)

(+30.1%)

(-2.8%)

(+3.5%)

(+10.1%)(-21.9%)

(-16.9%)

(+27.8%)

(+7.6%)

(+6.6%)

(+8.5%)26

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Vossloh Group, 9 months 2013Cash flow from operating activities positive despite EBIT drop and working capital buildup in early 2013

▬ Gross cash flow sinking below year-earlier level due to EBIT shrinkage

▬ Working capital buildup in Q3/2013 slimming down 9-month cash flow

▬ Cash flow from operating activities for 9 months nonetheless at a positive €6.0 million

Cash flow analysis (€ million) 1–9/2012 1–9/2013

EBIT 61.1 34.4

Amortization/depreciation/write-down of noncurrent assets (net after write-up) 29.8 32.1

Change in noncurrent accruals 6.3 (5.1)

Gross cash flow 97.2 61.4

Net book gain/loss from the disposal of tangibles/intangibles 0.1 0.3

Change in working capital 3.3 (62.1)

Noncash change in shares in associated affiliates, other noncash income/expenses (net), change in other assets/liabilities (9.3) 19.0

Income taxes paid (10.5) (12.6)

Cash flow from operating activities 80.8 6.0

Cash outflow for additions to tangibles/intangibles (39.7) (43.8)

Freely available cash flow* 41.1 (37.8)* Before investments in other noncurrent financial instruments and before acquisitions, disposal of consolidated subsidiaries and dividend payout

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▬ Total assets rising due to higher fixed assets and inventories

▬ Total equity barely changing

▬ Working capital: average WC up 9.6%, closing WC just edging up

▬ Capital employed increased year-on-year by additional fixed assets

▬ Net financial debt climbing 15.4% above year-earlier level

Vossloh Group, 9 months 2013Working capital merely inching up, capital employed stepped up year-on-year after increase in fixed assets, net financial debt climbing

9/30/2012 9/30/2013 ∆ in %

Total assets (€ million) 1,549.4 1,673.4 +8.0

Total equity (€ million) 486.2 482.3 -0.9

Equity ratio (%) 31.4 28.8 –

Average working capital (€ million)* 206.5* [182.4] 226.3 +9.6

Average working capital intensity (%) 17.4* [15.3] 17.5 –

Closing working capital (€ million)* 218.5* [194.9] 223.9 2.5

Closing working capital intensity (%) 18.4* [16.4] 17.3 –

Average capital employed (€ million)* 843.1* [819.0] 899.3 +6.7

Closing capital employed (€ million)* 869.1* [845.5] 903.0 +3.9

Net financial debt (€ million) 253.2 292.1 +15.4

Net leverage (%) 52.1 60.6 –* Since fiscal 2013, certain obligations to employees (vacation not yet taken; profit-share/bonus payments; employee flexitime accounts; termination benefits or indemnities) are according

to IAS 37 no longer accrued but recognized as other liabilities. For interperiod comparability, the resulting effects on working capital, capital employed, ROCE and value added have been reflected in the year-earlier comparatives.

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▬ Sales mounting thanks to growth at all three business units, especially propelled by Vossloh Fastening Systems

▬ EBIT with even steeper rise, EBIT margin likewise outgrowing year-earlier percentage

▬ Value added and ROCE improved year-on-year

▬ Vossloh Fastening Systems boosting sales by 45.5%; strong growth in China, Kazakhstan, Russia

▬ Nine-month sales by Vossloh Switch Systems inching up 1.2% year-on-year

▬ Revenue at Vossloh Rail Services improved by 11.5%; growth primarily in high-speed grinding, rail haulage, and logistics

Rail Infrastructure division, 9 months 2013Division sales boosted, key driver being Vossloh Fastening Systems; EBIT well up year-on-year

1–9/2012 1–9/2013 ∆ in %

Sales (€ million) 571.5 671.8 +17.5

EBIT (€ million) 58.6 72.6 +23.8

EBIT margin (%) 10.3 10.8 –

Average working capital (€ million)* 250.2* [235.9] 268.2 +7.2

Average capital employed (€ million)* 708.2* [693.8] 745.5 +5.3

Closing capital employed (€ million)* 713.3* [699.6] 743.3 +4.2

ROCE (%)* 11.0* [11.3] 13.0 –

Value added (€ million)* 5.5* [6.6] 25.1 –* Since fiscal 2013, certain obligations to employees (vacation not yet taken; profit-share/bonus payments; employee flexitime accounts; termination benefits or indemnities) are according

to IAS 37 no longer accrued but recognized as other liabilities. For interperiod comparability, the resulting effects on working capital, capital employed, ROCE and value added have been reflected in the year-earlier comparatives.

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▬ 9-month sales declining in 2013 due to delayed project execution at both business units

▬ EBIT and EBIT margin slumping year-on-year, substantially as additional provisions are recognized for a claim for damages

▬ Value added and ROCE both in the red

▬ Litigation in connection with claim for damages in October 2013 settled finally

▬ Sales at Vossloh Transportation Systems receding by a total €17.7 million; 9-month revenue at Vossloh Rail Vehicles down 17.9% year-on-year but at Vossloh Locomotives in Kiel up 5.9% in the same period

▬ Vossloh Electrical Systems’ sales shrinking 5.3% to €114.3 million year-on-year

Transportation division, 9 months 2013Project execution delays causing sales decline; EBIT badly hurt by provisions

1–9/2012 1–9/2013 ∆ in %

Sales (€ million) 320.4 299.8 -6.4

EBIT (€ million) 16.1 (22.8) –

EBIT margin (%) 5.0 (7.6) –

Average working capital (€ million)* (40.5)* [(48.8)] (36.4) –

Average capital employed (€ million)* 126.4* [118.1] 146.5 +15.9

Closing capital employed (€ million)* 145.9* [137.7] 156.6 +7.3

ROCE (%)* 17.0* [18.2] (20.8) –

Value added (€ million)* 6.7* [7.3] (32.2) –* Since fiscal 2013, certain obligations to employees (vacation not yet taken; profit-share/bonus payments; employee flexitime accounts; termination benefits or indemnities) are according

to IAS 37 no longer accrued but recognized as other liabilities. For interperiod comparability, the resulting effects on working capital, capital employed, ROCE and value added have been reflected in the year-earlier comparatives.

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Vossloh Group, 9 months 2013Order intake surging year-on-year to €1,169.6 million,order backlog at a historical high of €1,745.8 million

Sales Order backlog Order intake

Order backlog, sales and order intake by business unit (€ million)

189.7

216.2

291.7

200.5

182.1

281.9

1-9/2013

1-9/2012

379.5

357.9

338.2

334.3

353.6

336.1

1-9/2013

1-9/2012

Vossloh Switch Systems

47.4

42.7

44.3

39.7

7.2

8.9

1-9/2013

1-9/2012

Vossloh Rail Services

127.1

113.9

114.3

120.7

444.4

424.9

1-9/2013

1-9/2012

Vossloh Electrical Systems

-35.4%+45.5%-12.3%

+5.2%+1.2%+6.1%

+76.2%-17.9%

+165.0%

+4.6%-5.3%

+11.6%

Vossloh Fastening Systems Vossloh Rail Vehicles

-18.4%+11.5%+10.9%

68.8

88.4

84.8109.7

141.380.0

1-9/2013

1-9/2012

Vossloh Locomotives

-22.4%+5.9%

-22.2%

363.4

137.1

103.2

125.7382.5

1-9/2013

1-9/2012

674.1

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▬ Groupwide order backlog as of September 30 at €1,745.8 million, a historical high

▬ Order backlog at the Transportation division’s two business units likewise at all-time highs: division at €1,203.3 million; Transportation Systems business unit at €783.8 million and Electrical Systems business unit at €444.4 million

▬ Most of estimated sales for the years up to 2016 covered by current order backlog: e.g. Vossloh Rail Vehicles: 90% of expected sales for 2014 in vehicles

▬ Potential options exercised after September 30, 2013, as follow-up to contracts already awarded would translate into sales of some €300 million in the years ahead, the option exercised by Hannover on November 18, 2013, being included

Vossloh Group, OutlookOrder backlog at historical high to boost sales and profitability in the years ahead

Order backlog (€ million)Group Transportation division

Vossloh Transportation Systems Vossloh Electrical Systems

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▬ Sales increase in 2013 exclusively thanks to the Rail Infrastructure division’s growth; sales by the Fastening Systems business unit well above original expectations

▬ Sales decline at the Transportation division due to project delays

▬ EBIT 2013 burdened by one-off effects and project delays within Transportation, therefore well below prior-year level, high tax load ratio additionally weighing on group earnings

▬ Capital expenditures in the scope of the capex program initiated in 2010 again stepped up at both divisions

▬ Net financial debt forecast at some €300 million, rising in the wake of shrinking EBIT, mounting working capital and accordingly negative free cash flow; net leverage fairly high at about 60%

Vossloh Group, Outlook 2013: sales up by 5%+, EBIT well down year-on-year mainly after one-off burdens

2012 2013p

Sales (€ million) 1,243.0 > +5%

EBIT margin (%) 7.8 4%–5%

Average working capital (€ million)* 204.8 > +10%

Capital expenditures (€ million) 61.1 Approx. 70

Average capital employed (€ million)* 845.5 < +10%

ROCE (%)* 11.5 < 8.5

Value added (€ million)* 13.0 negative* Since fiscal 2013, certain obligations to employees (vacation not yet taken; profit-share/bonus payments; employee flexitime accounts; termination benefits or indemnities) are according

to IAS 37 no longer accrued but recognized as other liabilities. For interperiod comparability, the resulting effects on working capital, capital employed, ROCE and value added have been reflected in the prior-year comparatives.

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▬ Selected projects outside Europe:▬ Megacontract from South Africa for locomotives from Vossloh Rail Vehicles

▬ Construction work started in 2013 on a fastening system production plant in the United States, to be commissioned as from mid-2014

▬ Consortium formed in 2012 in Argentina for building a rail switch plant in La Plata

▬ Major order received in 2012 from Brazil for V4-type Tramlinks

▬ Establishment in 2010 of a new joint venture for manufacturing turnouts in China▬ Selected projects within Europe:

▬ Large order awarded in 2012 for the high-speed line in France▬ Contract in 2013 for modernizing 91 railcars of local transport operator South West Trains in the UK

Vossloh Group, OutlookNon-European sales hiking up from 9% in 2006 to around 40% in 2013, a solid launching pad for further international growth

Regional sales breakdown in 2013eRegional sales breakdown in 2006

Other 5%

Asia 25%

Americas 10%Europe 60%Europe 90.8%

RoW 9.2%

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▬ External burdening factors successfully offset in recent years:

▬ Financial crisis has slashed sales in Southern Europe since 2008 by over €150 million, Arab Spring resulted throughout North Africa in unrealized sales, call-off orders in China suspended for 12 months in 2011/2012

▬ One-off expenses in 2013 of around €25 million incurred by the Switch Systems, Transportation Systems and Electrical Systems business units

▬ Project progress and option exercises for some €300 million in the Transportation division will considerably downsize engineering expenses as a percentage of sales

▬ Sales expectations largely backed by orders already placed

▬ Transportation’s contracts sufficient to keep division busy up to 2016

▬ Internationalization level of the Vossloh Group to spawn further projects

▬ Order intake in Q3/2013 at €551.3 million just short of all-time high

Vossloh Group, Outlook Economic environment and opportunities

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▬ Sales boost expected for 2014▬ Steep sales uptrend at Transportation division

▬ Both business units to benefit from swelling order inflow in 2012 and 2013

▬ Rail Infrastructure division likely to maintain 2013 sales level

▬ Fastening Systems business unit expecting to offset probable sales decline in China and Kazakhstan by incremental sales elsewhere, for example in Saudi Arabia

▬ Switch Systems business unit predicting growth through high-speed projects to be carried out in France and sales boost at the Swedish production plant

▬ Rail Services business unit likely to step up all its activities

▬ EBIT substantially topping the 2013 level

▬ Non-recurrence of one-off burdens and clearly higher workload expected to upgrade Transportation division’s EBIT

▬ Stable profitability likely at Rail Infrastructure division

▬ Capital expenditures remaining at high 2013 level, key projects being: Vossloh Fastening Systems’ manufacturing plant in the US, Vossloh Switch Systems’ forging shop, milling and grinding trains for Vossloh Rail Services, product developments at Vossloh Transportation Systems

▬ Working capital expected to shrink despite booming sales

Vossloh Group, Outlook 2014: sales to climb some 10% to 15%, EBIT to improve significantly

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Financial diary and contacts

Financial diary

▬ March 27, 2014 Publication of the Group’s financial information 2013, Frankfurt/Main, investors conference1

▬ April 30, 2014 Interim report as of March 31, 20141

▬ May 28, 2014 Annual General Meeting

▬ July 24, 2014 Interim report as of June 30, 20141

▬ October 30, 2014 Interim report as of September 30, 20141

1Teleconference with financial analysts planned

Contacts

▬ Werner Andree, CEO

▬ IR contact: Lucia Mathée

▬ Email: [email protected]: (+49-2392) 52-359 Fax: (+49-2392) 52-219

www.vossloh.com


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